Equity
NGX Closes Positive as Turnover Jumps 25%
Trading activity on the Nigerian Stock Exchange (NGX) closed on a positive note today with a total of 822,725,277 shares exchanged in 43,514 deals, corresponding to a market value of ₦24.93 billion. This represented a 3 percent improvement in volume and a 25 percent rise in turnover compared to Tuesday’s session, although the number of deals declined by 4 percent. The market capitalization currently stands at ₦106.5 trillion.
Out of 130 listed equities that participated in trading, 54 recorded gains while 24 closed in the red. NCR Nigeria led the gainers with a 10 percent appreciation, closing at ₦171.05 per share. McNichols and RT Briscoe also advanced by 10 percent each, while Jaiz Bank gained 9.99 percent. On the losing side, UPDC Real Estate Investment Trust shed 9.68 percent to close at ₦8.40 per share, followed by Champion Breweries which fell 9.31 percent. Secure Electronic Technology dropped 6.78 percent, while Coronation Insurance declined 6.69 percent.
In terms of trading volume, Zichis Agro Allied Industries dominated with 69.2 million shares, followed by Secure Electronic Technology with 54.8 million shares. Access Holdings recorded 40.1 million shares, while Zenith Bank posted 38.1 million shares.
The session reflected a generally upbeat market mood, with improved turnover and notable gains across several equities, despite a slight dip in the number of deals executed.
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SUNU Assurances targets N9.34bn via rights issue
SUNU Assurances Nigeria Plc has commenced a rights issue to raise N9.34bn from existing shareholders as part of efforts to strengthen its capital base and expand operations in Nigeria’s insurance sector. The company is offering 2,075,285,715 ordinary shares of 50 kobo each at N4.50 per share. According to the Company Secretary, Taiwo Kuku, the offer…
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Allgreen to invest $10bn in 80m clean cookstove rollout
Allgreen Energy NV has announced plans to invest $10bn in the rollout of 80 million clean cookstoves across Nigeria under a large-scale energy transition programme. The investment was unveiled in Lagos during a media briefing organised by GreenPlinth Africa, where stakeholders also signed a manufacturing agreement for the first batch of 24 million cookstoves. The…
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OPay expands access to N1.2bn scholarship scheme
OPay has expanded its scholarship programme with the signing of Memoranda of Understanding with four tertiary institutions across Nigeria. The new partner institutions are Benue State Polytechnic, Kogi State Polytechnic, Montgomery Polytechnic, and Alex Ekwueme Federal University. With the addition, the total number of participating institutions in the programme has increased to 24 nationwide. The initiative is a N1.2bn, 10-year…